The assembly has approved higher lease rates for borough-owned property.

The annual rates for leased tidelands and uplands parcels will increase from 6% of the property’s market value to 10%.

Lease rates are reset every five years, based on the property’s market value.

The assembly approved the higher rates in a unanimous vote on May 27. The rate increase will take effect with each property’s next five-year reassessment.

Several lots around town are borough-owned tidelands and uplands, leased to private businesses or individuals.

The higher rate could net the borough around an additional $15,000 a year.

The leasing ordinance also allows for longer leases. The current code limits leases to 21 years, plus renewal options for an additional 30 years. The change establishes 40 years as the new standard, with renewal options for an additional 15 years.